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RENTON, WA-According to the Colliers International Puget Sound 2nd Quarter 2002 report preview, the South County office market is presently experiencing the calm before the storm.

South County’s vacancy rate is at 16.83% for the 2nd quarter of 2002 and Colliers says that the next two quarters could potentially see Boeing giving back considerable space to the market. Boeing buildings with leases expiring in the next 12 months are: East Valley Office Center, Southgate Office Plaza, Riverfront Technical Park, Kilroy Airport Center and Blackriver 800.

Rental rates in the county’s office market have held steady and Colliers reports an increase in tenant activity. Significant leases for the first half of 2002 include the FAA taking approximately 35,000-sf at Valley Office Park in Renton; Kraft Foods leasing more than 22,000-sf at CenterPoint Corporate Park in Kent and Life Care Centers of America subleasing approximately 11,500-sf at Washington Park in Federal Way.

As far as new construction in the area, there is none. Possible future projects are remaining on the idle for the time being.

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